Long Realty released its “Arizona Housing – State of the Market Report”, outlining current trends and changes in the residential housing market in Tucson, Phoenix and Southern Arizona, as well as projections for 2014.
The housing market in Arizona continues to shift, most recently from a seller’s market to a more balanced one. Inventory of homes for sale has risen and prices have flattened. We expect the housing recovery to continue in 2014 at a slower pace of growth compared to the past 2 years. Buyers continue to look for value, forcing sellers to be very aware of asking price. This gap in perceptions between some buyers and sellers makes a review of pricing strategy prudent for sellers; especially at mid to upper price points and for those on the market for 2 months or more. Buyers need to accept the reality that the “foreclosure bargains” of 2012 and 2013 are few and far between.
The full State of the Market Report can be found online at www.longrealty.com/stateofthemarket.
For more information on the housing market or to schedule an interview with Long Realty’s CEO Rosey Koberlein, please contact Kevin Kaplan, Vice President Marketing & Technology, at email@example.com or 520-918-3874.